1. Field of the Invention
The invention relates to e-commerce payment system software. More specifically, the field of the invention is that of e-commerce payment system software for network based transactions.
2. Description of the Related Art
The internet is being used by individuals to purchase products online primarily through e-commerce sites. An individual purchases and pays for the selected product or service, typically using a shopping cart of the selling website. The shopping cart collects the individual's information, including both payment and delivery information. Once the payment information is validated and the transaction processed, typically through the use of a credit card, the delivery information is used to actually send the product or deliver the services. In the case of a gift, the individual providing the payment information may supply another person's delivery information.
While the typical internet e-commerce transaction involves a credit card, further web sites have been developed that provide for payments through other mechanisms, such as direct bank transfer (e.g., Automated Clearing House transactions, or ACH) or through an online payment system (e.g., PayPal). To expand the role of e-commerce and to develop new revenue streams for existing e-commerce sites, new payment systems are desired.